Mercedes Credit Card (2024)

FAQs

Is Mercedes-Benz Financial hard to get approved? ›

While Mercedes-Benz Financial Services doesn't specify on its website what credit scores are needed to qualify for financing, the company does note that not everyone will qualify for its special financing offers. You typically need excellent credit to qualify for its lowest starting APRs.

Know Your Credit

What credit does Mercedes-Benz use? Generally, Mercedes-Benz Financial Services determines loan eligibility by checking FICO® Auto Score 9, from Experian.

Typically, leases aren't approved with credit scores lower than 620. But don't be discouraged! Check out how to improve your credit score. Then, talk with our MB financial department to see if we have lease options available for you.

No responsible lender can say for sure that Mercedes finance is easy to get. Everyone is different, and so is their eligibility for car finance. This is because there are lots of factors that affect whether you will be approved. These include credit history, income, and affordability.

The average Buyer base salary at Mercedes-Benz USA is $67K per year.

As a general rule of thumb, experts suggest you aim for at least a 20% down payment for a new vehicle purchase and at least 10% on a pre-owned vehicle. Keep in mind, you can also apply your trade-in's value to your down payment.

Here is a breakdown of the credit tiers: Tier 1: 800 – 850. Tier 2: 799 – 670. Tier 3: 669 – 300. Tier 4: beginning score of 300.

Take the convenient approach by applying for pre-approval with Mercedes-Benz Financial Services (MBFS). Save as much as 30 minutes at the dealership. Credit check occurs when you submit your completed application.

While different lenders might have slight variations in their criteria, a Tier 1 credit score generally falls within the range of 800 to 850 on the FICO scale. This score range signifies excellent credit and reflects a history of responsible borrowing and timely repayments​​​​.

It's essential to be knowledgeable about how your auto loan process will be different than someone with a higher score. You might not have the same options, but you can still get an auto loan with a 600 credit score.

Can I get a BMW with a 600 credit score? ›

Anything from 670 to 740 can qualify as a “good” score, and even scores as low as 580 can qualify as “fair”. Leasing is still possible with a fair credit score–although you should expect to pay a higher-than-average interest rate–but if it gets much lower, you're going to run into trouble.

It's possible to get approved for an auto loan if you have bad credit (sometimes called "deep subprime" credit), meaning a credit score under 580. But in many cases, options can be costly. To improve your odds of getting approved for a relatively affordable loan, follow these steps.

Mercedes-Benz E-Class

“With monthly payments estimated at around $1,400, a prospective owner would need an annual income of about $168,000, ensuring the car payment is a manageable portion of their income.”

Does Mercedes-Benz Finance Bad Credit? Yes. It's actually easy to get approved through Mercedes-Benz finance programs. Most car manufacturers are eager to help their customers build or rebuild their credit by offering financing programs and deals exclusively through Mercedes-Benz dealerships.

You can customize your financing arrangement according to your preferences with financing terms lasting from 24 to 72 months (available in most states).

Mercedes-Benz E-Class

“With monthly payments estimated at around $1,400, a prospective owner would need an annual income of about $168,000, ensuring the car payment is a manageable portion of their income.”

In general, you'll need a FICO credit score of at least 600 to qualify for a traditional auto loan. However, the minimum credit score required with vary from lender to lender. As interest rates increase due to inflation, securing a subprime auto loan may be more difficult — but not impossible.